would i get approved for a 70000 dollar house if i have bad to ok credit?

Everytime i apply for a credit card i get denied because it says i am bankrupt because of a debt i owed to the collection agency but have already paid off. I have been working at my job for a year now and just applied for a personal loan so i can build up my credit, and it was approved for 2,000. So if i have no credit or bad credit is it possible for me to buy a house for 70,000?

Answers

You will most likely need to do FHA financing, and it is tougher to find a decent home for $70,000. But yes, it can be done. For example, The Camden neighborhood of Minneapolis has a selection of homes that can be purchased FHA. I would like to have you talk with a loan officer about the "Path to Buy" program. This program will help you clear up your credit problem.

I would try applying for a FHA loan. The underwriting criteria and credit score requirements are more lenient and, while I?d need to know much more than what you?ve shared thus far, a paid judgment or collection certainly wouldn?t be a disqualifier. 1 year of employment would be fine there too. If you?re a veteran, a VA loan would work well too. The other nice part of these loans is that if you qualify, you?ll get the market rate as opposed to a rate with built in pricing hits due to a lower credit score. With agency loans (those backed by Fannie Mae and Freddie Mac), whenever the credit score is lower than 740, there are different pricing hits that increase as the score decreases so that would probably be a less attractive offer.

I would try applying for a FHA loan. The underwriting criteria and credit score requirements are more lenient and, while I?d need to know much more than what you?ve shared thus far, a paid judgment or collection certainly wouldn?t be a disqualifier. 1 year of employment would be fine there too. If you?re a veteran, a VA loan would work well too. The other nice part of these loans is that if you qualify, you?ll get the market rate as opposed to a rate with built in pricing hits due to a lower credit score. With agency loans (those backed by Fannie Mae and Freddie Mac), whenever the credit score is lower than 740, there are different pricing hits that increase as the score decreases so that would probably be a less attractive offer.

Hi, you will need a 620 or better credit score to obtain an FHA loan. If not, I can work with you to get into a "Path to Buy" program, that helps you as quickly as possiby obtain an acceptable credit score to get a mortgage. Please give me a call, and I can explain it to you. Jeff Jorgenson/Keller Williams

Credit and Home Loans: Saint Paul, Minnesota

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